After completing my tax returns, I've learned that I will be getting some back. BEFORE I get that money I want to decide what I am going to do with it. What are some options?
1. Invest in stock market/mutual fund
2. Put in savings account
3. Certificate of Deposit (CDs)
Right now, option 1 is out! I want to get some stocks and/or mutual funds but I have no money saved up. I have $25 dollars in the savings account so far but it will grow slowly and surely - even with just $20 a month going out of paycheck and whatever little extra I can toss in.
Putting in to a savings account would also be praying that I can control myself enough not to touch it!!! I'm trying to practice that idea by forgetting about the savings account and letting it come out of my checking account a day after payday.
CDs is what I'm leaning to. They have higher interest rates than regular savings accounts and I'd be coerced not to touch the money cause of the penalties that you have when you pull money out of a CD before maturity. Also that money isn't gonna be tied up so that if I do need it I wouldn't be able to access it. The penalty really isn't that major but I'll pretend it is so I don't touch it... and accept it for what it is if I have an emergency and need the money.
Option 3 it is for me and my tax refund!
Do you have any ideas? What will you be doing?
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